SINGAPORE, Oct 28 (Reuters) - Bank of Singapore (BOS) said it had been selected by DZ Bank AG for a referral agreement under which the German wealth manager, which is shutting shop in the city-state, will refer its clients to the private banking unit of OCBC.
Several Western firms have withdrawn from private banking in Asia, hit by pressure to reduce costs at home, slowing growth in the region and rising compliance costs.
“DZ PRIVATBANK Singapore will offer its clients the option to move their assets to Bank of Singapore so as to enjoy continued private banking services in Singapore,” BOS said in a statement on Friday.
The latest arrangement involves no financial exchange.
The statement did not disclose DZ Bank’s wealth unit’s assets under management. The German firm could not be immediately reached for a comment.
In April, BOS agreed to pay $320 million to buy the wealth and investment management business of Barclays in Hong Kong and Singapore - its second largest private banking deal since 2009. The deal will close by the end of the year. (Reporting by Saeed Azhar; Editing by Himani Sarkar)